The 50 wealthiest people in the world have lost more than half a trillion dollars this year (2022) due to the tanking stock market, according to the latest figures compiled by Bloomberg Billionaires Index.
The top 50 richest, which includes Tesla CEO Elon Musk, Amazon founder Jeff Bezos, Microsoft co-founder Bill Gates, and French luxury goods magnate Bernard Arnault, have lost a combined $563 billion in net worth through May 22, according to Bloomberg.
Musk, the world's richest man, has lost $69.1 billion — the most of any mogul on the list. He now has a net worth of $201 billion.
Bezos, the second richest man, stepped down as CEO of Amazon last year to focus on his space travel company Blue Origin. He has seen his net worth fall by $61.1 billion. His wealth is now valued at $131 billion.
Warren Buffett, the CEO of Berkshire Hathaway, rounds out the top five. He is one of the few billionaires who has seen his net worth rise this year. Buffett’s wealth is valued at $110 billion — $1.2 billion more than where it was at the start of 2022.
By the way, kudos to hedge fund king Ken Griffin, the Citadel Capital CEO, who has seen his net worth jump (by $8.29 billion) to $29.6 billion, during the same time, putting him 40th on the list. Amidst such turmoil, he's put out quite a performance.
$110,000 million will thus now make you the fifth richest on Earth. That's 110,000 times one freaking million dollars.
Fasten your seat belt, let us find a way, and let's go!
Good luck to all.
FUNanc!al distills the fun in finance and the finance in fun, makes news personal, and helps all reach happiness.